NIBBS processes N6.6tr worth of cheques in 11 months

THE Nigerian InterBank Settlement Systems (NIBSS) has recorded about 14.1 million units of cheques transactions, estimated at N6.62 trillion from January to November of 2014.

The statistics also revealed that transactions carried out by Nigerians on the Point of Sale (PoS) terminals deployed across the country are currently valued at N28.7 billion monthly.

Indeed, the NIBSS report obtained by The Guardian at the weekend showed that in January 2014, the units of cheques was 1,235, 071 whose value was N634, 346.592, while in February, with 1,142,068 valued at N620, 617. 5907.

In March, April and May with 1,136,109; 1, 134,526 and 1, 198,645 units, the values were N639, 105.9669; N618, 875. 998 and N603, 581. 5875 respectively.

The units of transactions for June, July and August were 1,297,381; 1,484, 390 and 1, 558, 097 with a corresponding values which are N594, 145. 2673; N598,737. 2499 and N608, 025.6708 respectively.

In September, the NIBSS report showed 1,348,320 units valued at N595,489.6954; for October, the unit was 1,372,534 valued at N576,832.5627, while in November, the cheques saw 1, 171, 648 unit and N534,475.8413 value.

The NIBSS report, which is the latest in the e-payment space in Nigeria, indicates that as at November 2014, over two million PoS transactions, worth N28.7 billion.

The Central Bank of Nigeria had in June 2014 put the country’s PoS terminals in the country at 135, 000, which rose from 21,400 in 2012.

According to the NIBSS report, the monthly transaction volume and value for January, February and March, 2014 stood at 1.3 million (valued at N2.2 billion); 1.4 million (N2 billion) and 1.5 million (N24.4 billion) respectively. In April, the figures increased to 1.6 million transactions with value exceeding N24 billion, while the volume dropped to 1.3 million (N21.3 billion) in May, but further moved up to 1.6 million (N24.7 billion) in May and June in that order.

By the end of July, the transactions grew to 1.7 million (N27.3 billion), but declined to 1.5 million (N23.3 billion) in August while in September, more transactions were carried out by Nigerians on PoS terminals, resulting in 1.8 million transaction volume valued at N27.2 billion.

For the fourth quarter of 2014, only the October and November data have been officially released with transactions volume of 1.9 million (N28.1 billion) and over two million transaction volume valued at N28.7 billion respectively.

Speaking on the PoS statistics, Executive Secretary and Chief Executive Officer of E-Payment Providers Association of Nigeria (E-PPAN), Mrs. Regha Onajite, said that the increase is a clear indication that Nigerians are gaining more confidence and ease in using their Automated Teller Machine (ATM) cards to carry out cash-less transactions.

Regha, in one of her interviews with The Guardian, pointed out that not all Nigerians have accepted the cash-less economy policy, noting some culture challenges around the scheme.

“It’s a culture change thing. We believe that things will work properly, reason we are still calling for help from the telecommunications sector for improved network quality because it is critical to achieving our target. The CBN and indeed EPPAN will not relent in our campaign. We will do more awareness and sensitise the country the beauty of the scheme”, she stated.